DDM Analysis: 0J46.L

Valuation Snapshot

Stable Growth	$199.16 - $907.50	$455.40
Multi-Stage	$101.51 - $111.16	$106.25
Blended Fair Value	$280.82
Current Price	$325.94
Upside	-13.84%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.23%	13.81%	0.21	0.19	0.17	0.16	0.15	0.13	0.11	0.09	0.08	0.07
YoY Growth	-	-	6.21%	11.87%	6.36%	6.73%	15.31%	21.66%	19.96%	19.42%	14.78%	17.23%
Dividend Yield	-	-	0.09%	0.11%	0.10%	0.12%	0.13%	0.11%	0.14%	0.14%	0.12%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	641.78
(-) Cash Dividends Paid (M)	31.97
(=) Cash Retained (M)	609.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	128.36	80.22	48.13
Cash Retained (M)	609.81	609.81	609.81
(-) Cash Required (M)	-128.36	-80.22	-48.13
(=) Excess Retained (M)	481.45	529.59	561.68
(/) Shares Outstanding (M)	140.64	140.64	140.64
(=) Excess Retained per Share	3.42	3.77	3.99
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	3.42	3.77	3.99
(=) Adjusted Dividend	3.65	3.99	4.22
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$199.16	$455.40	$907.50
Upside / Downside	-38.90%	39.72%	178.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	641.78	683.49	727.92	775.23	825.62	879.29	905.67
Payout Ratio	4.98%	21.98%	38.99%	55.99%	73.00%	90.00%	92.50%
Projected Dividends (M)	31.97	150.27	283.81	434.07	602.67	791.36	837.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.43%	7.43%	7.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	138.55	139.87	141.18
Year 2 PV (M)	241.29	245.89	250.53
Year 3 PV (M)	340.29	350.06	360.01
Year 4 PV (M)	435.64	452.40	469.63
Year 5 PV (M)	527.45	552.93	579.38
PV of Terminal Value (M)	12,593.57	13,201.85	13,833.40
Equity Value (M)	14,276.81	14,942.99	15,634.14
Shares Outstanding (M)	140.64	140.64	140.64
Fair Value	$101.51	$106.25	$111.16
Upside / Downside	-68.86%	-67.40%	-65.89%

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HEICO Corporation (0J46.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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